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Loki's home repairs will cost him $1,200. The bank will give him a loan for the full amount at an interest rate of 21%. The bank expects a payment of $121 every month for 1…

Loki's home repairs will cost him $1,200. The bank will give him a loan for the full amount at an interest rate of 21%. The bank expects a payment of $121 every month for 1…
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Loki's home repairs will cost him $1,200. The bank will give him a loan for the full amount at an interest rate of 21%. The bank expects a payment of $121 every month for 12 months. How much interest will Loki have paid when the loan balance is $0?

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User Nicholas Petersen
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2 Answers

3 votes

Answer:

252

Explanation:

Loki's home repairs will cost him $1,200. The bank will give him a loan for the full-example-1
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User Dan Morgan
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8.0k points
4 votes

Formula of interest =PRT divided by 100

Loki's home repairs will cost him $1,200. The bank will give him a loan for the full-example-1
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User Ray Shan
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7.8k points
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